An electronic or virtual wallet is an embodiment of software acting as a container for electronic objects, such as payment mechanisms, identity authentication mechanisms, personal information and electronic artifacts of the owner. The electronic or virtual wallet can reside, for example, on one or more of a consumer's personal computer (PC), a server, and a smart card. The virtual wallet allows the owner to control access to and distribution of information in the wallet, thereby giving the owner security and total control over the owner's personal information. Further, the virtual wallet provides mechanisms that eliminate the risk of loss of the information in the wallet, for example, by remotely storing and/or disabling the wallet contents. Thus, the virtual wallet is a trusted place to keep information and valuable financial items, as well as a convenient way to move information around.
Currently, many electronic wallets focus on payment mechanisms. However, electronic wallets can also be used to maintain, for example, identification information, authentication information, certificates, access keys, personal identification numbers (PIN's), and credit card, debit card and bank account information, as well as all other types of personal information of the owner, such as the owner's will. For a detailed discussion of a virtual or electronic wallet, see, for example, currently abandoned Provisional Patent Application Ser. No. 60/081,748 filed on Apr. 14, 1998 and patent application Ser. No. 09/190,993 filed on Nov. 12, 1998, incorporated herein by reference. Information stored in an electronic wallet can be transmitted and received by the owner of the electronic wallet, for example, through the Internet or other types of networks.
Typically, a local aspect of the virtual wallet resides on the owner's personal computer (PC) and includes a certificate or other similar authentication instrument that allows the owner to remotely gain access to the entire virtual wallet which resides, for example, on a server. The local aspect of the virtual wallet updates the remote aspect of the virtual wallet with the latest information from the local aspect when the local wallet is on-line. The server also affords greater storage capacity for the owner's information than, for example, the owner's PC. Thus, the owner is able to define and have access to all the wallet functionality at sites where the local aspect of the wallet can be linked to the server, while the remote aspect of the wallet provides security for all of the information stored in the wallet.
However, the certificate or other similar authentication mechanism, such as a special PIN, password or key that allows the owner to gain access to the owner's electronic data securely stored in the virtual wallet may typically be known only to the owner. Therefore, upon the occurrence of an event, such as the death of the owner, which makes it impossible for the owner to act, if no other person knows how to access the stored information, it may be locked up forever.